Navaratna PSU, GAIL has reduced its equity stake in ONGC Petro-additions (OPaL) to 15.5% after project cost further increased by 9.5%. OPaL is building a mega petrochemical complex at Dahej in Gujarat in which Gail had acquired 19% shareholding in 2008-09.
The cost of 1.1 million tonnes plant was estimated at Rs 12,440 crore, however, in 2010 the cost was revised upwards to Rs 19,535 crore and is now revised to Rs 21,396 crore with December 2013 set as the commissioning date. Therefore, GAIL is not inclined to make any additional equity contribution and has decided to limit its investment in OPaL.
